CINCINNATI -- Two years after rocking Procter & Gamble’s world by disclosing a $3.5 billion stake in the company, activist investor Nelson Peltz has sold about 3 percent of his investment in the Cincinnati-based consumer products giant.
Pelt'z New York hedge fund, Trian Partners, said the shares were sold for "portfolio management purposes," but declined further comment. P&G declined to comment on the sale.
Peltz sold 1.2 million shares over three days last week, generating about $120 million from the sale and locking in a roughly $18 million profit as P&G shares trade near its all-time high.
Peltz gained a seat on P&G’s board by staging a proxy fight against the company, pushing for changes that some feared would lead to a P&G break up. Although P&G did not take Peltz’s advice to restructure the company into three autonomous operating units, it did announce plans to reorganize itself into six business units.
It also became a more nimble competitor by introducing natural ingredients for several brands, introducing lower-priced razors sold directly to consumers and acquiring fast-growing health brands.
The activist director still holds 36.7 million shares in P&G, which are worth about $550 million more than he paid for the stock more than two years ago. He’s also earned more than $200 million in dividends from P&G since 2017.
